TowneBank-Monarch merger scheduled to close Friday

Published June 22, 2016 by Robert Powell, III

The merger of two Hampton Roads-based banking companies, TowneBank and Monarch Financial Holdings Inc., is scheduled to close Friday.

The companies announced Tuesday that the merger received approval from shareholders in separate meetings.

The acquisition of Monarch by TowneBank already has received all regulatory approvals.

Monarch stockholders will receive 0.883 shares of TowneBank common stock for each share of Monarch common stock. When the deal was announced in December, it was valued at $220 million.

Portsmouth-based TowneBank had assets of $6.37 billion as of March 31. It operates 37 banking offices in Central Virginia, Hampton Roads and North Carolina.

Monarch Financial Holdings, the parent company for Monarch Bank, has 10 banking offices in Hampton Roads